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Financial Aid FAQs

Is there a deadline for applying for financial aid?

Answer
Our office does not have a deadline for financial aid applications. However, you need to allow a minimum of eight weeks to process your application (FAFSA). You also need to allow extra time for corrections or verification procedures. It is important to remember that some sources of need bases aid such as Marymount Tuition Grant may be depleted if you wait till late in the year. Therefore, it is a wise idea to file the FAFSA as early as possible after January 1 for the next academic year. Marymount’s priority deadline is March 1.

What paperwork is needed to apply for financial aid?

Answer
Our office requires completion of the FAFSA. If you’re a Virginia resident then you should also request a Virginia Tuition Assistance Grant (VTAG) application. Completion of the FAFSA is needed for students who wish to be considered for federal Stafford loans, Grants, Marymount tuition grants as well as scholarships and paid employment.

What is Marymount’s school code needed when filling out the FAFSA?

Answer
Marymount’s school code is 003724

Who do I call with questions about FAFSA processing?

Answer
Questions concerning FAFSA processing should be directed to the Federal Student Aid Information Center (1-800-4-FED-AID) or on the web. Help completing the FAFSA can be obtained by calling or scheduling an appointment in the financial aid office.

Do I have to apply for financial aid every year?

Answer
Yes! You must reapply for financial aid every academic year by completing the renewal application for federal student aid. If you do not receive the renewal application then you must complete the next year’s FAFSA.

What determines whether or not I will qualify for financial aid?

Answer
Because each family is unique, all students are considered for financial aid on an individual basis. A financial aid package is created using three specific factors:
  • Contribution

    family size, number in college, income, assets, or untaxed income.

  • Costs

    tuition and fees, room and board, books and supplies, and a personal allowance as set by the university.

  • Need

    The amount that Marymount tries to meet to help you pay for your education is your need. For example, if your contribution were $1,000 or $10,000 then your need would be calculated by subtracting your contribution from the cost. *Regardless of your income level, there are financial aid options to help meet your need. *


The COA for Marymount University for the academic year 2017-2018 are estimated as follows:

Independent Commuter

  • Tuition - $29,950
  • Room/BD - $13,430
  • Tech. Fees - $276
  • Books/Supplies - $1,000
  • Transportation - $750
  • Personal - $1000
  • Medical - $500

Resident

  • Tuition - $29,950
  • Room/BD - $12,805
  • Tech. Fees - $276
  • Books/Supplies - $1,000
  • Transportation - $500
  • Personal - $1,000

What are the types of aid?

Answer
Financial aid is any grant, scholarship, loan or paid employment offered for the specific purpose of helping a student meet educationally related expenses. All financial aid except the Federal College Work Study program may be credited toward direct education expenses.

When will my loan proceeds arrive?

Answer
Loans are applied to your account the first day of classes each semester if your level of enrollment and eligibility for funds has been verified. If your file is not completed by the beginning of the semester, time delays will be experienced. If you are expecting a refund after your balance has been paid then you need to check with the Student Account’s Office to inquire when a refund check will be mailed.

Can I get financial aid for study during the summer?

Answer
The summer sessions are considered part of the preceeding award year. Students must have completed a FAFSA application and a Marymount summer application by April 1. Priority consideration will be given on a first come first served basis. There are no grants available during the summer and funding is limited. Summer applications are available from the financial aid office or on the financial aid website under the download forms tab.

Does my GPA affect my eligibility for federal or state aid?

Answer

As required by Federal Regulations, students must maintain a minimum level of academic progress in order to continue receiving federal financial aid.  Academic progress of aid recipients will be reviewed annually at the end of spring semester.  Students who are not making minimum progress in any of the categories as defined below will be considered to be ineligible to receive financial aid.
Satisfactory Academic Progress Standards:
In order to continue receiving federal financial aid, academic progress is measured in the following three ways:

  1.  Qualitative Standard:  A minimum cumulative grade point average (GPA)
  • All Undergraduates must maintain a minimum cumulative GPA of at least 2.0
  • All Graduate students must maintain a minimum cumulative GPA of at least 3.0
 
 
  1.  Quantitative Standard:  A minimum completion rate.    Completion rates are calculated by dividing the number of completed credits against the number of attempted credits.  ALL students must have successfully completed 67% of all hours attempted.  This calculation includes all classes taken at Marymount (including developmental).   Incompletes, Withdrawals, Repeats and Failing grades all count toward your attempted but not completed credit hours.  Transfer credits are counted both in attempted and completed.   Students should be aware that, for federal financial aid purposes, you can only receive federal financial aid toward one retake of a previously passed course or its equivalent.  This means that once a student has passed a particular course, Financial Aid can count that student as being enrolled in that course only one more time for federal aid purposes. 
 
  1. Maximum Timeframe for Completion:  In addition to the above GPA and completion rate requirements, all UG students must complete their program of study by attempting no more than 150% of the hours normally required for completion.  For example, an UG program of study that is normally completed in 120 credit hours, financial aid eligibility will be suspended once a student has attempted 180 credit hours or more.   For a Graduate program requiring 60 credits, coursework must be completed within 5 years, for more than 60 credits, 7 years.

Loss of Eligibility due to Academic Progress:
A student who has lost eligibility to participate in federal student aid for reasons of academic progress will be ineligible for financial aid until they are meeting the minimum requirements. 
Appeals:
Appeals will only be accepted for special circumstances.  The appeal may not be based upon your need for the assistance OR your lack of knowledge that your assistance was in jeopardy.  An appeal must be based upon some unusual situation, condition or other mitigating circumstances which prevented you from passing courses, or which caused you to withdraw from classes.  Examples of possible situations include documented serious illness, severe injury or death of a family member. 
How to Appeal:  You must submit in writing and document the specific reasons for not meeting the minimum requirements and outline your plan for meeting them.  Undergraduate students are also required to submit a copy of a developed academic plan from the Center for Teaching and Learning (CTL).   The CTL must be able to verify that you will be able to meet the standards by the end of the fall semester.   Graduate Students must also submit a copy of a developed academic plan from the Chair of your graduate program or Associate Dean of the School for your program that indicates if followed, you will be at the minimum standard by the end of the fall semester.   IF your appeal is approved, you would be placed on a one semester probation status and must meet the minimum standards at the end of that term.    Appeals must be submitted in writing to the attention of the Financial Aid Office Appeals Committee.  You will be notified in writing of the committee’s decision.

Will all of my enrolled courses count toward receiving Federal Aid?

Answer

Federal Financial Aid for Degree Applicable Courses


Federal Regulations mandate that federal aid cannot be awarded for classes that do not count toward a student's academic program. If a student is enrolled in courses that do not count toward his or her degree, certificate, or other credentials, they cannot be used to determine enrollment status unless they are eligible remedial courses.  It is the student’s responsibility to work with their advisor to ensure their credits meet this requirement.


WHAT AID PROGRAMS DOES THIS AFFECT?

FEDERAL PELL AND SEOG GRANTS, FEDERAL WORK STUDY AND DIRECT LOANS


WHY DO MY CLASSES HAVE TO BE REQUIRED FOR MY DEGREE IN ORDER TO RECEIVE FEDERAL AID?

FEDERAL REGULATIONS MANDATE THAT FUNDS ONLY PAY FOR CLASSES THAT ARE REQUIRED FOR A STUDENTS PROGRAM OF STUDY


I AM NOT RECEIVING FEDERAL AID.  WILL MY SCHOLARSHIPS, INSTITUTIONAL
GRANTS, STATE GRANTS, OR GRADUATE ASSISTANTSHIP BE AFFECTED?


NO, ONLY FEDERAL AID IS AFFECTED


HOW DO I ENSURE THAT MY CLASSES ARE REQUIRED FOR MY DEGREE?

LOOK AT YOUR CATALOG FOR THE YEAR YOU ENTERED FOR REQUIREMENTS.  CHECK YOUR PROGRAM EVALUATION AND MEET WITH YOUR ADVISOR.  IT IS YOUR RESPONSIBILITY TO ENSURE THE COURSES YOU ARE REIGSTERED FOR COUNT TOWARD YOUR DEGREE.


I AM TAKING ELECTIVES, WILL THEY BE INCLUDED?

ELECTIVES THAT ARE REQUIRED FOR YOUR DEGREE WILL BE INCLUDED


WHAT IF I AM ENROLLED IN ELECTIVES THAT ARE NOT REQUIRED FOR MY DEGREE?

THOSE ELECTIVES WON’T BE COUNTED AS PART OF YOUR ENROLLMENT FOR FEDERAL AID ELIGIBILITY


I AM A GRADUATE STUDENT, DO THESE REGULATIONS APPLY TO ME?

YES, GRADUATE STUDENTS MUST BE ENROLLED IN COURSES THAT COUNT TOWARD THEIR DEGREE FOR FEDERAL AID ELIGIBILITY


I AM A DOUBLE MAJOR STUDENT. WHAT PROGRAM REQUIREMENTS WILL BE USED TO VERIFY MY ENROLLMENT FOR DISBURSEMENT?   

REFER TO YOUR PROGRAM EVALUATION AND CHECK WITH YOUR ADVISOR


I AM A DUAL DEGREE STUDENT.  WHAT PROGRAM REQUIREMENTS WILL BE USED TO VERIFY MY ENROLLMENT FOR DISBURSEMENT?

REFER TO BOTH OF YOUR PROGRAM EVALUATIONS AND DEGREE PLANS.  CHECK WITH YOUR ADVISOR.   (SCHOOL OF BUSINESS FOR GR STUDENTS WILL HAVE A COMBINED EVALUATION)


IF I CHANGE MY MAJOR, WILL MY NEW MAJOR REQUIREMENTS BE CONSIDERED FOR FUNDING?  -

AS LONG AS THE “CHANGE OF ACADEMIC PROGRAM” FORM HAS BEEN APPROVED AND PROCESSED.  FORMS ARE AVAILABLE FROM SCHOOL OFFICES, AND THE OFFICE OF THE REGISTRAR


MY MAJOR DOES REQUIRE A MINOR, WILL MY AID DISBURSE FOR MINOR-REQUIRED CLASSES?

AS LONG AS THE “CHANGE OF ACADEMIC PROGRAM” FORM HAS BEEN APPROVED AND PROCESSED.  FORMS ARE AVAILABLE FROM SCHOOL OFFICES, AND THE OFFICE OF THE REGISTRAR.


I AM ENROLLED IN 15 CREDITS OF WHICH 6 CREDITS ARE NOT REQUIRED FOR MY DEGREE, WILL MY AID STILL DISBURSE?

YES, BUT ANY FEDERAL AID WILL BE ADJUSTED BASED ON 9 CREDITS.  ONLY DEGREE APPLICABLE CREDITS COUNT TOWARD FEDERAL AID


I HAVE QUESTIONS SPECIFIC TO MY ENROLLMENT, WHO SHOULD I CONTACT?

FOR QUESTIONS SPECIFICALLY ABOUT YOUR ENROLLMENT, CONTACT YOUR ADVISOR.

What are my options if I am pursuing a second undergraduate degree?

Answer
Virginia Tuition Assistance Grant (VTAG)
Each year, the Commonwealth of Virginia determines a grant amount to be awarded to legal residents of Virginia who attend Marymount full-time. The grant amount for this fall and spring is estimated to be $3,300.   Qualifying students should submit the VTAG application to the Office of Financial Aid by no later than July 31. Later applications will be considered by the Commonwealth on a funds-available basis. Available to download from the MU Financial Aid web page.
 
Federal Student Loans
In order to apply for any of the following loans, a FAFSA must be filed in order to determine eligibility.  The FAFSA is filed online at www.fafsa.ed.gov.
 
 The Direct Subsidized Loan enables students to borrow an annual amount based on their grade level and length of program. Under the Subsidized loan program, the federal government will pay the interest until the repayment period begins, six months after the student leaves school.
The Direct Unsubsidized Loan is available for undergraduate students who do not demonstrate financial need. The terms are the same as those for the Direct Subsidized Loan, except that the student is responsible for interest accrued while he or she is in school.
As an independent undergraduate student with a prior degree, the maximum amount that can be borrowed in one academic year is $12,500.   If your program of enrollment requires you to enroll fall, spring and summer, you will need to refer to the next item to pursue additional funds.
 Private Education Loans
Because the annual amount that can be borrowed under the Direct Loan program is limited to $12,500, most UG students with prior degrees rely on the Private Education Loan program to meet the remainder of their tuition balances, and to provide living expense money to meet their other obligations during this program.  Private education loans are credit based, and often can require a co-signer for the best terms.   These loans can differ from one lender to the next, so compare the various terms carefully before selecting the one that best meets your needs.  The best way to get started on a private loan search is to do a Google Search for “Private Education Loans” Please note that the terms and conditions of the Subsidized and Unsubsidized loans may be more favorable than the terms of private loans. 
 

What happens if I withdraw from all of my classes?

Answer
Treatment of Title IV Aid When a Student Withdraws from Marymount University
 
 
The law specifies how a school must determine the amount of Title IV program assistance that you earn if you withdraw from school. The Title IV programs that are covered by this law are: Federal Pell Grants, Iraq and Afghanistan Service Grants, TEACH Grants, Direct Loans, Direct PLUS Loans, Federal Supplemental Educational Opportunity Grants (FSEOGs), and Federal Perkins Loans.
 
Though your aid is posted to your account at the start of each semester, you earn the funds as you complete the semester.  If you withdraw during your payment period or period of enrollment the amount of Title IV program assistance that you have earned up to that point is determined by a specific formula. If you received (or Marymount or parent received on your behalf) less assistance than the amount that you earned, you may be able to receive those additional funds. If you received more assistance than you earned, the excess funds must be returned by Marymount and/or you.
 
The amount of assistance that you have earned is determined on a pro rata basis. For example, if you completed 30% of your payment period or period of enrollment, you earn 30% of the assistance you were originally scheduled to receive. Once you have completed more than 60% of the payment period or period of enrollment, you earn all the assistance that you were scheduled to receive for that period.
 
If you did not receive all of the funds that you earned, you may be due a post-withdrawal disbursement.  If your post-withdrawal disbursement includes loan funds, Marymount must get your permission before it can disburse them. You may choose to decline some or all of the loan funds so that you don’t incur additional debt.  Marymount may automatically use all or a portion of your post-withdrawal disbursement of grant funds for tuition, fees, and room and board charges (as contracted with Marymount).  Marymount needs your permission to use the post-withdrawal grant disbursement for all other school charges.  It may be in your best interest to allow the school to keep the funds to reduce your debt at the school.
 
If you receive (or Marymount or parent receive on your behalf) excess Title IV program funds that must be returned, Marymount must return a portion of the excess equal to the lesser of:
 
  1. Your institutional charges multiplied by the unearned percentage of your funds,
      2. The entire amount of excess funds.
 
Marymount must return this amount even if it didn’t keep this amount of your Title IV program funds.
 
If Marymount is not required to return all of the excess funds, you must return the remaining amount.
 
Any loan funds that you must return, you (or your parent for a Direct PLUS Loan) repay in accordance with the terms of the promissory note. That is, you make scheduled payments to the holder of the loan over a period of time.
 
Any amount of unearned grant funds that you must return is called an overpayment. The maximum amount of a grant overpayment that you must repay is half of the grant funds you received or were scheduled to receive.
You do not have to repay a grant overpayment if the original amount of the overpayment is $50 or less. You must make arrangements with Marymount or the Department of Education to return the unearned grant funds.
 
The requirements for Title IV program funds when you withdraw are separate from any other refund policy that Marymount may have. Therefore, you may still owe funds to Marymount to cover unpaid institutional charges.

Marymount may also charge you for any Title IV program funds that they were required to return. If you don’t already know Marymount’s refund policy or officially withdrawing procedures from school please read it here: http://www.marymount.edu/Admissions/Student-Accounts/Bill-Payment/Refund-Policy
 
 

How do I contact the Student Loan Ombudsman?

Answer
The contact information for the FSA Student Loan Ombudsman can be found here

What are the eligibility rules with a drug conviction?

Answer
Notice of Federal Drug Violations – Title IV

In accordance with Federal regulations, Marymount University is required to annually notify all enrolledstudents regarding the impact on financial aid eligibility for a student who is convicted for any offense,during a period of enrollment for which the student was receiving Title IV, HEA program funds, under any federal or state law involving the possession or sale of illegal drugs will result in the loss of eligibility for any Title IV, HEA grant, loan, or work-study assistance (HEA Sec. 484(r)(1)); (20 U.S.C. 1091(r)(1)).

A student who has been convicted of an offense under any federal or state law involving the possession
or sale of a controlled substance during a period of enrollment for which the student was receiving
financial aid shall not be eligible to receive any federal student aid. Convictions do not count if the
offense was not during such a period, unless the student was denied federal benefits for drug trafficking
by a federal or state judge. A conviction that was reversed, set aside, or removed from the student`s
record does not count, nor does one received when he/she was a juvenile, unless he/she was tried as an
adult.

The period of ineligibility for financial aid funds, depending on whether the conviction was for sale or
possession and whether the student had prior convictions, is specified below:
If convicted of any offense involving the possession of a controlled substance, the ineligibility period is:

First Offense. . . . . . . . . . . . . . . . . . . . . . . .1 Year from date of conviction
Second Offense. . . . . . . . . . . . . . . . . . . . . 2 Years from date of conviction
Three or more Offenses. . . . . . . . . . . . . . . Indefinite period

If convicted of any offense involving the sale of a controlled substance, the ineligibility period is:
First Offense…………………………………………2 years from date of conviction
Second Offense. . . . . . . . . . . . . . . . . . . . . . Indefinite period

If a student is convicted of both possessing and selling illegal drugs, and the periods of ineligibility differ from one another, the student will be ineligible for financial aid for the longer period of time.

REGAINING ELIGIBILITY: A student may regain eligibility for federal financial aid after the required period of time has elapsed since the conviction, or if the conviction is reversed, set aside, or removed from the student`s record so that fewer than two convictions for sale or three convictions for possession remain on the record, or if the student can certify completion of a qualified drug rehabilitation program.
A qualified drug rehabilitation program must include at least two unannounced drug tests and must also
satisfy at least one of the following requirements:

. Be qualified to receive funds directly or indirectly from a federal, state, or local government program
. Be qualified to receive payment directly or indirectly from a federally or state-licensed insurance
company
. Be administered or recognized by a federal, state, or local government agency or court
. Be administered or recognized by a federally or state-licensed hospital, health clinic or medical doctor
It is the student`s responsibility to certify to the Office of Student Financial Aid that the student has
successfully completed a rehabilitation program.

What happens to my Pell Grant if I drop a course?

Answer
If you are receiving Pell funds and choose to drop credits between the first day of class and the last day to drop classes with a partial refund, your Pell Grant will be reduced to reflect your new enrollment load. Refer to the Academic Calender for each semesters official dates. 

For example, if you are a full-time student on the first day of classes but drop to half-time on or before the last day to drop classes with a partial refund your Pell Grant will be prorated to reflect your half-time enrollment status. 

If dropping a class does not reduce your enrollment load (for example your start at 15 credits but drop to 12 - still full-time), your Pell Grant will remain the same. 

Are there any federal loan forgiveness programs for Educators?

Answer
There are federal loan forgiveness programs available for educators. Information on those programs can be found here

What if I want more information about loan repayment?

Answer
All loans must be repaid. We will provide you information about your loan repayment prior to your graduation or separation from the school through required exit counseling material. For more information about loan repayment schedules, visit: Studentloans.gov (at the bottom of the page under 'Repay Loans.')

Will my student's financial aid or scholarship apply when s/he studies abroad?

Answer
Marymount University students who are studying abroad are eligible to use their Marymount University scholarships and financial aid towards the cost of their study abroad program. Students MUST be full-time, possess a 2.5 GPA or higher, and be participating on an approved study abroad program in order to use their Marymount financial aid and/or scholarships. There are several opportunities for students to apply for additional scholarship to cover the cost of study abroad. Please check with the Center for Global Education page for more information. Students who have completed a FAFSA should contact the Office of Financial Aid to discuss their aid packages.
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